The global financial elite is beginning a massive restructuring of their capital. The US dollar, which has remained the unassailable cornerstone for wealth preservation for decades, is losing its position in the portfolios of the world's most affluent families. This is not merely a reaction to current exchange rate fluctuations, but a fundamental paradigm shift dictated by geopolitical instability and the growing debt burden of the United States.

A new report, the UBS Global Family Office Report 2026, analyzed by international media, reveals a trend alarming to Washington. Approximately two-thirds of family offices—structures managing the assets of wealthy clans—expect a decline in confidence in the "greenback" over the next year. Notably, the study was conducted at the beginning of the year, before the dollar began to demonstrate a surge in strength, indicating that these sentiments are long-term rather than short-term.

Where is the money going?

Investors managing billions in assets admit that their portfolios are too heavily weighted with the American currency. Previous declines in the dollar's value have forced many to rethink their strategy: nearly half of respondents consider their concentration in dollars excessive. Benjamin Cavalli from UBS notes an unprecedented phenomenon: family offices are beginning to actively look toward the Asia-Pacific region and Western Europe. While this previously concerned mostly non-US residents, signs of a cautious retreat from the dollar are now being recorded among American families themselves.

Survival Strategy: Multi-shoring and New Assets

The main driver of change is geopolitics. In a climate where borders are closing and trade routes are becoming vulnerable, wealthy families are moving to a so-called "multi-shoring" strategy. This means distributing business activity and assets across various jurisdictions to minimize the risks of local crises.

Instead of classic instruments, new priorities are emerging:

  • Emerging Markets: The share of investments in these regions is planned to increase, as they offer higher growth potential.
  • Infrastructure: Physical projects are becoming more attractive than speculative instruments.
  • Real Estate: Conversely, investments in classic real estate are gradually decreasing, giving way to more liquid and promising assets.

The survey covered 307 UBS clients worldwide with an average net worth of $2.7 billion. Their actions set the tone for the market: if the "whales" begin to change course, the rest of the players will inevitably follow. The era of unconditional dollar dominance in private investments appears to be coming to an end.